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Starting A Housing Bust From Scratch

D G Wrote: Apr 05, 2013 9:22 AM
BLS report was issued this morning. Jan and Feb 2013 revised upward. March was disappointing. 2012: Jan 311,000; Feb 171,000; Mar 205,000 .... Total 687,000 2013: Jan 148,000; Feb 268,000; Mar 88,000 .... Total 504,000 The decrease in jobs created for the quarter is 183,000 or about 27%. Labor participation rate sank sharply as about 500,000 people dropped out of labor force. Labor participation rate is now at its worst since 1979.

Growing up in Harlem in 1977 everyone felt there was serious racial discrimination by banks with branches in the neighborhood. There is no doubt getting a loan was impossible even if you had an account at the bank and a steady job.

Fast-forward to 2007 and the start of the Great Recession and everyone in my old neighborhood in Harlem felt there was serious racial discrimination by banks with branches in the neighborhood for making loans too easy to get. Even people that didn't have bank accounts or a steady job often were able to live the American dream with no...

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